RYDER SYSTEM INC — Director's Dealing 2008

May 13, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2008-05-12

Reporting Person: VARNEY CHRISTINE A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-12	Common Stock	M	5000	$28.815	Acquired	18950	Direct
2008-05-12	Common Stock	M	5000	$24.63	Acquired	23950	Direct
2008-05-12	Common Stock	M	5000	$37.24	Acquired	28950	Direct
2008-05-12	Common Stock	S	15000	$70.38	Disposed	13950	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-05-12	Stock Option (right to buy)	$28.815	M	5000	Disposed	2012-05-02	Common Stock (5000)	Direct
2008-05-12	Stock Option (right to buy)	$24.63	M	5000	Disposed	2013-05-01	Common Stock (5000)	Direct
2008-05-12	Stock Option (right to buy)	$37.24	M	5000	Disposed	2014-05-07	Common Stock (5000)	Direct

Footnotes

F1: The stock options vested in three equal installments on May 3, 2003, May 3, 2004 and May 3, 2005.

F2: The stock options vested in three equal installments on May 2, 2004, May 2, 2005 and May 2, 2006.

F3: The stock options vested in three equal installments on May 7, 2005, May 7, 2006 and May 7, 2007.